Congress and the Obama administration are set to resume discussions this week with the aim of reaching an agreement to raise the debt ceiling.

Although congressional Republicans have said they won't agree to any package that includes new taxes, the Obama administration and congressional Democrats have said a package should include new revenues.

Among the possible sources if revenues are so-called tax expenditures, which are tax benefits aimed at specific sectors of the economy.

Lobbyists for CUNA and NAFCU said they will work to ensure that if there are any tax expenditures eliminated, the credit union tax exemption isn't included.

Last week, President Obama urged lawmakers to get serious about the discussions and not wait until the last minute to reach an agreement. He even used his daughters as an example as people who don't wait till the last minute to get their homework done.

While the Treasury Department says the debt ceiling expires on Aug. 2, the Obama administration wants there to be an agreement in place by July 22 so Congress has time to pass the legislation.

After Obama's comments last week, the Senate canceled its recess and is staying in session this week. The House had already been scheduled to meet this week.

Instant Insights /

Debt Ceiling Talks Resume This Week

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